Living and working in a new country can be tough, particularly when financial emergencies occur. Getting a personal loan for foreigners is one way to help finance living expenses, make major purchases and even send money home to family. But, there are a few things to keep in mind before you decide to apply for a personal loan as a non-citizen.
In the United States, there are three groups of people who are considered non-citizens: citizens, permanent residents and visa holders. Citizens have the most rights and privileges, including the right to vote, while permanent residents, also known as green card holders, are granted a legal right to stay in the country for the duration of their visa. Visa holders, on the other hand, are limited to a specific period of time and can only work in the country if they have a valid work permit.
While many lenders don’t provide loans to non-citizens, there are some who do. For example, Discover offers debt consolidation loans for non-citizens. The company can pay your creditors on your behalf and deposit the funds directly into your bank account.
To get approved for a personal loan as a non-citizen, you’ll need to verify your identity and provide proof of employment and income. Lenders also typically want to review your credit history, as well as any other documentation required to assess your creditworthiness. If you’re looking to build credit, you can do a few things ahead of time, such as making timely payments on your existing accounts and disputing errors on your credit report.